Forest Labs to buy Cerexa for $480 million

ValBrickates Kennedy

BOSTON (MarketWatch) -- Forest Laboratories
FRX, +3.54%
said early Thursday that it has signed an agreement to buy privately-held Cerexa for $480 million in cash. Cerexa's lead compound, a broad-spectrum injectable antibiotic called ceftaroline acetate, is slated to begin Phase III clinical testing during the first quarter 2007. Forest said the drug could be on the market as early as 2010, if approved. As a result of the transaction, Forest plans to take a one-time after-tax charge of about 96 cents a share. Excluding the one-time after-tax charge, Forest said it still sees fiscal 2007 earnings per share coming in between $2.60 and $2.65. The deal is expected to close in Forest's fiscal fourth quarter.

Intraday Data provided by SIX Financial Information and subject to terms of use.
Historical and current end-of-day data provided by SIX Financial Information.
All quotes are in local exchange time. Real-time last sale data for U.S. stock quotes reflect trades reported through Nasdaq only.
Intraday data delayed at least 15 minutes or per exchange requirements.